Interest rates in Turkey
The Central Bank of Turkey held its one-week repo rate at 19% during the August meeting. Therefore the maximum rate for this month will be 19%.
What does this mean?
So, investing money in Turkey is a great way of making money ‘for free’. For example, you can invest a maximum of 100,000TL as an individual or 200,000TL for two people (spouse or children etc). You can invest this money over 1 month, 3 months or even yearly. You can control this from online or from your bank in person.
Inflation and Turkey
Taking into account the high levels of inflation and inflation expectations, the current tight monetary policy stance will be maintained until the significant fall in the Inflation Report’s forecast path is achieved.
There are lots of different banks in Turkey. The government bank ‘Ziraat’ is a very trusted bank and has high-interest rates. HSBC, Akbank and TEB are just a few other big named banks in Turkey. Each bank offers a slightly different rate so be sure to check a few out before making any decisions.